GBPUSD Market Analysis

The GBPUSD pair bounced bearishly after testing the EMA50 yesterday, which keeps the bearish trend scenario valid until now, waiting to target the psychological barrier at 1.2000 as a next main station.

Therefore, we will continue to suggest the bearish bias in the upcoming period unless breaching 1.2340 level and holding above it, as breaching this level represents the key to start bullish correction that targets 1.2550 levels initially.

Expected trading range for today is between 1.2000 support and 1.2240 resistance.

The GBPUSD pair shows more fluctuation around the EMA50, noticing that the recent trades are confined between symmetrical triangle's lines shown on image, which means that the price needs to break 1.2125 support to activate the negative effect of this pattern, which will reinforce the expectations of resuming the bearish trend on the short term and medium term basis.

Therefore, our bearish overview will remain active for the upcoming sessions conditioned by the price stability below 1.2340 level, waiting to target 1.2000 areas mainly, noting that stochastic enters the overbought areas to add more negative pressure on the price.

Expected trading range for today is between 1.2100 support and 1.2300 resistance.

The GBPUSD pair settles below the previously broken support of the bearish channel, which forms key resistance at 1.2260 now, while stochastic continues to head downwards on the four hours' time frame.

In general, we will continue to suggest the bearish trend in the upcoming period unless breaching 1.2260 followed by 1.2340 levels and holding above them, waiting to head towards testing the psychological barrier at 1.2000 as a next main station.

Expected trading range for today is between 1.2100 support and 1.2300 resistance.

The GBPUSD pair retests 1.2550 level that turns into support after breaching it previously, accompanied by stochastic getting rid of its negativity clearly heading towards the oversold areas, while the EMA50 continues to provide the positive support to the price.

Therefore, these factors encourage us to suggest more rise in the upcoming sessions, waiting to visit 1.2720 level as a next main target, noting that breaking 1.2550 level will form the first key to the attempts to return to the main bearish trend and stop the current bullish correction.

Expected trading range for today is between 1.2470 support and 1.2720 resistance.

The GBPUSD price traded negatively this morning to break 1.2440 level and settles below it, providing signals for facing negative pressure in the upcoming period, which makes us prefer staying aside until getting clearer confirmation signal for the next trend, as we get it by breaching one of the critical levels that represented by 1.2340 support and 1.2550 resistance.

Note that breaking the mentioned support will push the price to resume the main bearish trend, and the negative targets begin at 1.2180 and extend to 1.1997, while breaching the resistance represents the heading key towards the next correctional level at 1.2770 directly.

Expected trading range for today is between 1.2340 support and 1.2500 resistance.

The GBPUSD pair is stuck between 23.6% and 38.2% Fibonacci correction levels represented by 1.2340 support and 1.2550 resistance, which keeps our neutrality valid until now, waiting to breach one of these levels to detect the price next destination clearly.

We remind you that breaching 1.2550 level will reactivate the correctional bullish scenario that its next target located at 1.2720, while breaking 1.2340 represents negative factor that will push the price to return to the main bearish trend, and the targets will begin at 1.2170 and extend towards the recently recorded low at 1.1997.

Expected trading range for today is between 1.2340 support and 1.2600 resistance.

The GBPUSD pair keeps fluctuating within sideways track around the EMA50, and the price still stuck between the key levels represented by 1.2340 support and 1.2550 resistance, to keep our neutrality valid until now, waiting to breach one of these levels to detect the next destination clearly.

By taking a deeper look at the chart, we find that the price draws negative formation shown in the minor image, which give preference to trade negatively in the upcoming period, but the price needs to break 1.2385 followed by 1.2340 levels to confirm activating the negative effect of this pattern.

In general, we should note that breaking 1.2340 will push the price to achieve negative targets that start at 1.2170 and extend to 1.1997, while breaching 1.2550 represents the key to extend the correctional bullish wave to reach 1.2720 as a next main station.

Expected trading range for today is between 1.2300 support and 1.2550 resistance.

The GBPUSD pair shows some bearish bias now to approach from testing the key support 1.2340, which represents one of the next trend keys besides 1.2550 resistance, and as we mentioned in our recent reports, the price needs to breach one of these levels to detect its next targets clearly.

Therefore, we will continue with our neutrality until we get clearer signal for the next trend, reminding you that breaking the above mentioned support will push the price to target areas that start at 1.2150 and extend to 1.1997, while breaching 1.2550 will lead trading for more bullish correction that its next target located at 1.2720.

Expected trading range for today is between 1.2250 support and 1.2550 resistance

The GBPUSD pair rallied upwards clearly yesterday to approach from testing the key resistance 1.2550 after failing to break 1.2340 support, to keep trading stuck between the mentioned levels, waiting to breach one of them to detect the next destination clearly, which makes us continue with our neutrality until now.

We remind you that breaching 1.2550 level will push the price to extend its bullish correction towards 1.2720 as a next main station, while breaking 1.2340 will push the price to return to the main bearish trend again, to start the negative targets at 1.2140 and extend to 1.1997.

Expected trading range for today is between 1.2340 support and 1.2600 resistance.

The GBPUSD pair resumes its negative trading to approach gradually from the key support 1.2340, reminding you that this level represents one of the next trend keys besides 1.2550 resistance, and as long as the price is confined between these levels, our neutrality will remain valid until we get clear confirmation signal for the next trend.

We remind you that breaking 1.2340 level will push the price to target 1.2135 level initially, while breaching 1.2550 will motivate the price to achieve more intraday gains that reach to 1.2720 as a next main station.

Expected trading range for today is between 1.2300 support and 1.2550 resistance.

The GBPUSD pair returns to fluctuate around the EMA50 after approaching from 1.2340 level yesterday, to keep the price confined inside sideways range that its lines represented by the mentioned support and 1.2550 resistance, as the price needs to breach one of these levels to detect its next targets on the short term basis.

Therefore, the sideways range will remain dominant on the intraday basis until breaching one of its lines, noting that breaching 1.2550 level will push the price to extend its bullish correction to reach 1.2720 direct, while breaking 1.2340 will open the way to resume the long term bearish trend, to start the negative targets at 1.2125 and extend to 1.1997.

Expected trading range for today is between 1.2300 support and 1.2550 resistance.

The GBPUSD pair continues to fluctuate within tight track settling around the EMA50, thus, no change on the sideways trading scenario that confines the price between 1.2340 support and 1.2550 resistance, waiting to breach one of these levels to detect the next targets clearly.

To know more about the expected targets after the breach, please review our morning report.

Expected trading range for today is between 1.2300 support and 1.2550 resistance.

The GBPUSD pair rebounds bearishly as suggested, to head towards potential test to 1.2340 support level, which represents one of the sideways range lines that dominates the recent trades besides 1.2550 resistance

Therefore, no change on our expectations of the sideways trading between the above mentioned levels, waiting to breach one of them to confirm the next destination clearly, noting that the expected targets after the breach are explained in our morning issued report.

Expected trading range for today is between 1.2340 support and 1.2650 resistance.

The GBPUSD pair continued its negative trading to approach from the key support 1.2340, and as we mentioned in our recent reports, this level represents the sideways range support line that appears on chart, as its resistance line located at 1.2550, having chances for a bullish rebound in the upcoming sessions affected by the clear oversold signals that appear through stochastic.

Until now, the sideways trading scenario still dominating on the intraday basis until the price manages to breach one of the above mentioned levels, reminding you that breaking the support will push the price to target 1.2100 followed by 1.1997 areas initially, while breaching the resistance will allow the price to achieve short term gains that start by testing 1.2720 and might extend to 1.2890 after breaching the previous level.

Expected trading range for today is between 1.2275 support and 1.2500 resistance.

The GBPUSD pair did not show any strong move since morning, to continue fluctuating inside the sideways range shown on image, thus, no change on the sideways move scenario on the intraday basis until the price manages to breach one of its lines represented by 1.2340 support and 1.2550 resistance to detect its next track clearly.

Expected trading range for today is between 1.2340 support and 1.2600 resistance.